Institutional profit-taking drags PSX from peak

Pakistan Stock Exchange (PSX) ended its winning streak on Thursday and rapidly declined in a volatile session, driven by institutional profit-taking as uncertainty loomed over the government's tax reforms under the $7 billion International Monetary Fund (IMF) loan programme. Earlier, trading began on a robust note, with the KSE-100 index reaching its intra-day high of 82,905.73 points. However, soon the market took a dive and then declined gradually until the close of trading. The bearish activity was triggered by a weak rupee, the declining global crude oil prices and concerns about the rising power sector circular debt. The market was unable to sustain the 82,000 mark, falling to the intra-day low of 81,552.66 points just before close. With no major positive triggers, the bourse ended trading near the day's low with significant losses.